The Battery Energy Storage System Market is anticipated to increase from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 27.9%, according to a recent research analysis by MarketsandMarkets. The ongoing grid modernization, the rising use of lithium-ion batteries in the renewable energy sector, the rising trend of moving towards a low-carbon and less fossil fuel-based economy, and the ongoing renewable energy revolution are the main factors driving the growth of this market. Based on storage system, element, battery type, connection method, ownership, energy capacity, application, and geography, the research analyses the market.

Major companies operating in this battery energy storage system market include BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494

DRIVERS: Increasing demand for grid energy storage systems owing to ongoing grid modernization

Solar and wind energy production, as well as continuous infrastructure modernisation, are what are driving the rising demand for grid energy storage systems. Due to the erratic nature of these renewable energy sources, battery energy storage solutions are quickly becoming a crucial component of grid modernisation. They give grid operators the ability to store extra electricity as it is produced and reserve it for times when demand outweighs supply. The efficiency of the grid as a whole is increased by battery energy storage systems because they increase the flexibility and dependability of the systems used to generate, transmit, and distribute electricity.

Lithium-ion batteries to hold the largest share of the battery energy storage system market in 2021

In terms of market share for battery energy storage systems, lithium-ion batteries are anticipated to lead in 2021. Due to its advantages, including high energy and power density, low standby losses, and a long life expectancy of around 5 to 15 years with 98% efficiency, they are becoming more and more widely used. Lithium-ion batteries are suitable for on-grid connections because they can perform a number of additional tasks, such as frequency management, demand charge reduction, grid-buffering, and renewable integration. The market for battery energy storage systems is significantly impacted by the growing demand for lithium-ion batteries in the renewable energy industry.

On-grid connection type segment is dominating the battery energy storage system market in 2021

The battery energy storage system market is dominated by the on-grid connection type segment in 2021. This is because on-grid connections have lower up-front expenses than off-grid installations. Customers who rely on the utility system for their electricity see their energy costs drop since excess energy generated is transmitted to the grid and can be used later on a metered basis. The need for grid modernization from sources of renewable energy is rising, and new regulatory regulations for the energy industry are also contributing to the rise of the on-grid segment. The market for on-grid battery energy storage systems for utilities is expanding as a result of these considerations.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html

Utility application to grow at highest CAGR from 2022 to 2027

In the market for battery energy storage systems, the utility application is anticipated to experience the largest CAGR growth between 2022 and 2027. This market category is expected to continue to dominate through 2021 and exhibit the highest CAGR. The primary driver of the market expansion for utility applications is the requirement to meet peak electricity consumption. In the event of rapid swings in energy supply, battery energy storage systems offer power quality, frequency, and voltage control services, allowing grid operators to conserve electricity when there is an excess of renewable energy. The increased demand for battery energy storage systems in the utility industry is being driven by the expanding need for renewable energy and the increasing requirement for a consistent and efficient supply of electricity in most locations.

The battery energy storage system market in APAC is expected to grow at the highest CAGR from 2022 to 2027

The Asia-Pacific (APAC) region is anticipated to experience the greatest CAGR in the battery energy storage system market from 2022 to 2027. APAC is a centre for the battery energy storage system business, and plans for electrifying rural areas, many of which are now off-grid in various countries, are anticipated in the region. Residential energy storage technologies will boost the region's rural and island inhabitants' access to electricity. Additionally, as governments in developing countries implement new laws to enhance the dependability and quality of power distribution infrastructure for residential users, energy storage investments are anticipated to rise significantly within the APAC area. The governments of several nations in this region are also concentrating on reducing the negative environmental consequences that the energy sector has, which has led to a rise in the use of battery energy storage systems in homes and public utilities.

News Covered:

https://www.prnewswire.com/news-releases/battery-energy-storage-system-market-worth-15-1-billion-by-2027--exclusive-report-by-marketsandmarkets-301490426.html

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com